ED attaches assets of Indu Projects promoter Syam Prasad Reddy

Enforcement Directorate has attached three properties of document value of over Rs 53 crore of the firms belong to Indu Projects Limited managing director Indukuri Syam Prasad Reddy for his alleged quid pro quo investments in the forms floated by former Congress chief minister’s son and YSR Congress Party president Y S Jagan Mohan Reddy.

The action involves 150 acres of land registered in the name of Indu Techzone Private Limited, another 100 acres of land registered vide an assignment deed registered in the name of SPR Properties Private Limited, both located in Mamidipally.The first two land parcels totalling 250 acres was allotted to Syam Prasad Reddy’s firms by the state government for developing an IT SEZ.

The third property is a 2,835-square yard plot registered in the name of Walden Properties Private Limited in Jeedimetla in Hyderabad. The ED’s joint director K S V V Prasad of Hyderabad zonal office has issued a statement giving out these details. The provisional attachment orders involving these three properties were issued on Friday, according to him.

These properties were attached under a provisional attachment order issued on Friday, according to him.

Based on a charge sheet filed against Syam Prasad Reddy by the Central Bureau of Investigation (CBI) way back in 2012 ED had registered a case against the Syam Prasad Reddy and Jagan Mohan Reddy among others under the Prevention of Money Laundering Act, 2002 .

According to the CBI charges, Syam Prasad Reddy paid bribes to Jagan Mohan Reddy in the guise of investments in his group companies through the companies of another businessman Nimmagadda Prasad for undue favours received by his companies from the then Andhra Pradesh government when Y S Rajasekhara Reddy was the chief minister. CBI also filed a separate charge sheet against Nimmagadda Prasad in the quid pro investment case involving Jagan Mohan Reddy.

Earlier last month the ED had attached properties of Jagan’s media firms. CBI had filed around dozen charge sheets in this case and the trial was initiated by the designated CBI court in a couple of these charge sheets late last year.